Author of the news: Crypto Emergency

The government commission approved a bill that is intended to regulate the circulation of cryptocurrencies in Russia. Despite the fact that mining and trading of digital assets are allowed in the country, the industry still operates in a state of legal uncertainty — without oversight and unified rules. The new document is designed to change this situation.

In addition to regulation, the project introduces criminal liability for those who operate without registration.

What will change
The bill addresses several tasks at once: it establishes state control over the issuance of digital assets, regulates the activities of crypto exchanges, protects investors, and aligns the market with currency legislation.

To this end, miners and operators of exchange services will be required to register in the state registry. Working without registration will become illegal.

The Central Bank proposes to expand the circle of market participants: banks and brokers will be able to obtain a crypto exchange license in addition to existing permits. This was stated by the head of the Central Bank, Elvira Nabiullina, on March 5.

The scale of the 'gray' market is clearly visible in the numbers: there are currently about 1,500 companies and entrepreneurs in the miners' registry, while approximately 50,000 participants are actually engaged in mining. A similar situation exists with exchanges — over 400 services operate outside the legal field, some without a legal entity, some with registration abroad. At the same time, it is still not possible to pay for goods and services with cryptocurrency in Russia: it is considered property, not a means of payment.

Liability for violations
The Criminal Code is planned to be supplemented with a separate article for those who engage in mining or provide operator services without registration. The penalty will depend on the amount of damage or income received.

On the 'legalization of purchase' of cryptocurrency
Against the backdrop of the bill discussion, publications appeared online stating that Russians would allegedly be able to legally purchase cryptocurrency for the first time. This is not true — such an opportunity has existed for several years.

The purchase of cryptocurrency as property has been allowed since January 1, 2021, when Federal Law No. 259-FZ came into force. In August 2024, two new laws expanded these norms: — No. 221-FZ legalized mining, — No. 223-FZ allowed the use of cryptocurrency in foreign trade settlements.

The new bill is dedicated not to the rights of citizens, but to the regulation of infrastructure — exchanges, operators, and exchanges. In essence, the state is not opening the market but is bringing order among those who have been operating in it for a long time.

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